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Aurobindo Pharma net down at Rs 76 cr

Aurobindo Pharma recorded a 2.59 per cent fall in its net profit to Rs 76.08 crore for the quarter ended March 31, 2008 compared to Rs 78.1 crore during the same period last year.
Its income for the quarter under consideration increased by 21.91 per cent to Rs 641.27 crore compared to Rs 525.99 crore last year. Its expenditure increased by 16.74 per cent to Rs 550.87 crore compared to Rs 471.86 crore in the corresponding quarter previous year. The earnings per share for the quarter stood at Rs 14.15 this year from Rs 14.64 last year.
According to Aurobindo corporate finance advisor A K Kamath, the profit of the fourth quarter of 2007-08 is not comparable with the corresponding quarter of last year. In the fourth quarter of 2006-07, there was no provision for taxation as a deferred tax of Rs 23.35 crore had been reversed and adjusted in the books. On the other hand, an amount of Rs 9.94 crore was provided towards taxation in the last quarter of 2007-08.
He said that the exchange fluctuation gain on account of foreign currency convertible bonds (FCCB) for the quarter under review was Rs 7.8 crore and Rs 85.5 crore for the full year 2007-08.For the entire year (2007-08), the net profit grew by 19.17 per cent to touch Rs 238.48 crore compared to Rs 200.96 crore. The income for the full year grew by 6.47 per cent to stay at Rs 2530.15 crore as against the Rs 2172. 23 crore last year. The company declared a 65 per cent dividend (Rs 3.35 per share of Rs 5 each) on its equity share.
According to Aurobindo Managing Director K Nithyananda Reddy, the formualations sales were up by 44.81 per cent to touch Rs 1005 crore as against the Rs 694 crore during 2006-07. The price of Pen-G remained stable and the China operations were also stabilised. It had filed 46 abbreviated new drug applications (ANDA) in the US during 2007-08 to take the cumulative filings to 128. He said there was pressure in generic pricing.
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